Transcripts For FBC Mornings With Maria Bartiromo 20240713

Restrictions but many businesses and states are seeking additional financial assistance. 8 30 a. M. Eastern treasury secretary Steven Mnuchin will join me live on how to help recover from the pandemic. Retail continues to struggles. J. Crew to file for bankruptcy this morning. We are expecting that. Take a look at futures, indicating a decline 266 points and nasdaq lower by 73 on top of selloff on friday which led the u. S. Markets in the red for the week, take a look, mornings with maria is live right now. Tensions between the United States and china are growing. Dax index in germany down 368 points right now. Sharp decline there. Manufacturing and construction starting back up in italy today. Shops set to reopen in ten days followed by bars and restaurants in june, in italy. In asia overnight losses in hong kong and south korea. Hong kongs gdp for the First Quarter decreasing, much steeper fall than expected. Hong kong down better than 4 . Markets in china closed for holiday as well as in japan. Oil prices this morning sliding after snapping a 3week losing streak as you can see price of oil down 1. 47 at 7 and a half percent lower. Now some of the other top stories that we are watching this morning. President trump said its time for america to get back on its feet and get back on the economy. During fox news town hall at Lincoln Memorial last night. At some point we have to open up our country and people will be safe, weve learned a lot, we learned about the tremendous contagion. We have no choice. We are not going to have a country left. These are workers, these are people that want to get back to work and at a certain point if you keep going too long its not going to happen. Maria restaurants, gyms, groomers, salons, all begin to go reopen. President trump wants to see schools and universities reopen this september, the president predicting Coronavirus Vaccine may be available in december at cases approach 1. 2 million. Nearly 60,000 people have died so far from covid19. So far more than 180,000 have recovered from the virus in the United States. And Dallas County seeing Record Number of coronavirus cases, new cases as the state starts rolling back, 234 new cases yesterday, largest singleday jump during pandemic. Possible side that the outy is nearing its peak. Greg abbott relighting restaurants, businesses to reopen at partial capacity. And a possible gamechanger in the battle against covid19 headed to u. S. Hospitals this week. The ceo of Gilead Sciences in broadcast interview said company is donating entire supply of remdesivir to help more than 150 patients, shares of gilead higher by almost 2 . Senator warren topping the list of democratic voters for Vice President spot. The former 2020 hopeful ranking 36 of the vote, senators Kamala Harris and Amy Klobuchar also making the list. More than half of those saying that the Presumptive Democratic nominee joe biden should make a bold choice in his Vice President ial pick. The former vp has pledged to select a woman as his running mate. Covid19 forcing j. Crew to file bankruptcy protection. J. Crew will hand over control to lenders and online sales will operate normally at j. Crew. Looking at markets this morning, we are looking at down at start of trading, investors are weighing the reopening of the economy along with renewed tensions between United States and china. Dow industrials down 278 points. Stocks closing lower on friday as well. Joining me right now Vantage Point Investment Adviser wayne wicker and fox business Dagen Mcdowell, pollster and the president of maslansky partners lee carter and wall street journal writer Jon Hilsenrath, great to see everybody this morning. Lee great to see you. Maria more tough numbers on jobs, wayne wicker, the u. S. Economy could see historically high rate in 2021 according to the administration despite the current Economic Contraction caused by coronavirus. Here is a listen to what National Economic adviser larry kudlow told me yesterday on sunday morning futures. We have all seen the numbers in terms of Second Quarter, we are looking to contraction up to 30 just in the Second Quarter, youre saying that youre expecting growth in the Third Quarter, larry . Maria, they are looking for growth rate in Third Quarter would be well over 20 . We want to move towards longrun growth incentives. Maria wayne, what about that, do you want to invest with that kind of expectation that Third Quarter, Fourth Quarter 2021 already strong . Wayne well, maria, i think that certainly coming off of a low case that we have today the numbers will be pretty attractive. Having said that, we have to be careful that the con sense consensus assessment is well above. I believe we will get there but its just going to take a little longer. Maria how are you investing today . You always have to be in the time in the market and not timing the market. You have better cash flows, better balance sheets. Places like health care, theyll be the hero of the crisis and health care will be places where investors want to take a look at even though the names have run a bit. Maria Jon Hilsenrath. Jon you know, i want to say one thing about Larry Kudlows remarks. I think it is true. The economy is going to come back and americans should feel some sense of confidence that we will come back but on this point that we will get 20 in the second half of the year. I like to think about the economy its like a bouncing ball. If you drop a ball from the first floor of a building, you will get a bounce from the first floor. You drop it from a tenth floor you will get a much bigger bounce. You can say thats a great bounce but you drop from the tenth floor building. I think we have to be careful about how we think about and talk about whatever rebound because its coming off a historically large drop. What i want to ask wayne is, is the market now with or ahead of the Economic Outlook . The market isnt far off of its high and some people say its getting ahead of itself and what its looking on the other side of this . Wayne i would agree. We had historic month of april and it was pricing where we were back follow 2019 when we hit the high last week. Certainly the economic environment today is not even close to where we were even six months ago so i do think that the fundamentals of the economy here were ignored to a certain extent as we look forward to the second half of next year that larry kudlow was just referencing. Maria dagen. Dagen wayne, do you think investors are factoring what the road ahead into the next year and the year after that might look like for many of American Companies and im thinking about workers demanding higher wages, potential unionization of the chains that have stayed open and had their workers who are literally running cash registers on the front line of fighting the virus. I think theres a ground swell that is going to happen in terms of people demanding higher wages and better compensation in many of these industries and is that really being factored in to stocks right here . Wayne so dagen, i think youre right that theres going to be tension between employees and employers over the next 12 to 18 months. I think in the current environment people are just scared and so many people lost their jobs that in the next few months that may not be a bit of an issue but as we start to come back and we will come back, i think that youre going to see bolder moves and coalitions of employees asking for higher wages and moving above where we are today. I dont think that theres any question about that. Maria real quick, wayne, this weekend obviously warren buffet had virtual annual meeting and is bailing on the airlines and saying that the airlines have to face a very tough couple of years, do you agree with that in terms of airline stocks, despite the fact that they did get Financial Aid package . I think we have to step back as warren buffet was talking about. Structurally has just changed. I dont have any Airline Travel at the moment and many suggesting third or Fourth Quarter this year before you take your First Business trip. So i do think in that regard youre going to have very a real problem with the airlines in the near future. Maria all right, we will leave it there. Wayne, great to have you this morning. Thanks so much. Wayne thank you so much. Maria wayne wicker. We are just getting started, later this hour we are talking with pennsylvania congressman guy to talk about the latest on general flynn and the ceo of roech is here, getting Emergency Funding, next hour former attorney general Jeff Sessions to talk about the latest on china as well as general Michael Flynn and in the 8 00 a. M. Hour former Los Angeles Mayor Antonio Villaraigosa and dont miss a moment of it, big show, it is monday morning right here back in a moment. When its hot. Stay cool. When its cold. Stay warm. When theres a lot to do. Do it all. And do it right. Without breaking a sweat. With the comfortable, versatile new kubota lx series. Show me what youre made of. So we showed it our people, sourcing and distributing more fresh food than anyone. Our drivers helping grocers restock their shelves. How were helping restaurants open popup markets. And encouraging all americans to take out to give back. Adversity came to town. So we looked it in the eye. And it wont be us. That blinks first. Maria welcome back, investigating the investigators and the origin of the russia probe. Internal fbi documents discussing getting Michael Flynn to lie. I spoke with jim jordan and trey gowdy of their take away from the leaked documents. We had an adialogues dump of documents this past week. What struck you . That there was absolute no evidence that Michael Flynn was an agent of foreign power. So they are about the lose the investigation without interviewing him. Keep in mind they had no interest in interviewing Michael Flynn and theyre about to close the case and you get the call with kisliyak. All that happened in 3 weeks time and they were willing to do include going after 3star general that served our country for decades. Maria joining me to talk more about that house judiciary member guy reschenthaler. We continue the see the notes, handwritten notes and we will get more this upcoming week right now about the fbis intent. They were trying to take down anybody they could from the trump campaign. How do you think this plays out . Well, maria, i want to say that they call this chilling. You had james comey, nevertrumpers going into the white house talking to Michael Flynn who at the time is the National Security adviser and they were on a fishing expedition. There was no crime. The investigation was about to be shut down but the top official decided to keep it open and get him leverage and get him fired and if the fbi can do this to 3star general, the head of the nsa, if they can do to President Trump as nominee for president , think of what they can do to average joe, clear abuse of power and they try to catch Michael Flynn in a crime on a fishing expedition. We should all be concerned about that, maria. Maria yeah, thats the bottom line. If youre going to see bad cops just putting their finger on the scale and decide to go take somebody down because they dont like whats happening with the country, they dont like that 50 million plus people voted for President Trump, then what could happen to average guy and gal out there if theyre going to do this to sitting nsa director and sitting president , by the way, is this the first of dominoes to fall because theres a ton of information that i know has happened about inform antidepressants running into Campaign People that we still havent been talking about yet . Well, yes, i do, we have to wait for Durham Report that will be released. Let the American People what went on and how the cabal at the fbi politicized and weponized that institution and in second step should be to prosecute those who abuse power to the fullest extent of the law and that way we send a message to future fbi directors and top on Law Enforcement agencies and frankly all top bureaucrats because some of them played politics above country and above institution. Maria yeah, youre really going to see accountability so that the fbi can be trusted an the system is fair. Let me ask you about reopening the economy, how is it going . The pennsylvania governor announcing that the state would start easing restrictions on businesses on friday. President trump spoke out over the weekend urging states to get back to work. Congressman, what are you expecting, can you do that in your state safely and do you think we will get back to growth and back to business soon . Well, i think we should reopen. Its time to get americans back to work and this is a reopening for higher death count. We are over and the other end of the bell curve so we should reopen and thoughtful and nuance about it but in pennsylvania in particular the vast majority 65 of our deaths have taken place in Nursing Homes. Why are we not more focused on the most vulnerable in our society . Why do we not deploy more resources to Nursing Homes instead of just adding blanket one size fits all orders which has decimatessed the economy. We have largest unemployment claims in pennsylvania and fifth largest in population because the governor has taken one size fits all approach and crushed our economy but i think the good news is that once we start to reopen the fundamentals of the economy are still the same. I think we will have a speedier recovery especially if we can reduce regulation and payroll tax payroll tax cut and do something to stimulate the economy. Maria congressman, thanks very much for your insight. Guy reschenthaler. When we come back unusual show, big camping spot, one man arrested in happiest place on earth. We will be right back after the short break. Some Companies Still have hr stuck between employees and their data. Entering data. Changing data. More and more sensitive, personal data. And it doesnt just drag hr down. It drags the entire business down with inefficiency, errors and waste. Its ridiculous. So ridiculous. With paycom, employees enter and manage their own data in a single, easy to use software. Visit paycom. Com, and schedule your demo today. Staying connected your way youre just a tap away from personalized support on xfinity. Com. Get faster internet speeds with a click. Order xfi pods to your home in a snap. Or change your Xfinity Services with just a touch. All in one place. Youre only seconds away from all of that on xfinity. Com. Faster than a call. Easy as a tap. Now thats simple, easy, awesome. Maria welcome back, chinas deadly covid19 coverup. Alarming new report from department of Homeland Security confirms what we have been reporting saying that china deliberately downplayed the severity of coronavirus in order to hoard critical medical supplies in order to fight the outbreak. Increased exports and decreased exports hiding virus if january. You heard it last month white house Peter Navarro telling me in april that china cornered the ppe market on sunday morning futures. So that was that and then here is what i think should be very disturbing to every american, during this period of time, that 6week interval when they were hiding the virus from the world. China went from a net exporter of personal protective equipment. They are the largest producer of that in the world to a large net importer, they basically went around and vacuumed up virtually all of the ppe around the world including a lot from this country which was for humanitarian reasons sharing our ppe with them and what that did was lead people in new york, milan and everywhere in between defenseless when it came time to have that ppe. Now whats happening today which which is equally alarming is china is sitting on that hoard ppe where it cornered the market and profiteering. I have cases that are coming across my desk where masks made in china are being sold to hospitals here in america as much as 8. Maria unbelievable. Dagen mcdowell, weigh in here. Ive got the list in front of me and i know ive been reading this list over and over on this program for weeks now. Face masks increased by 18 fold from the four months proceeding january 2020. Goggles increased 260 january and february of 2020. Surgical gloves, china bought an increase of 242 in january and february and oxygen therapy, cornering the market even though, dagen, they are the largest producer and already produced half of the worlds capacity of this protective equipment. Dagen Peter Navarro mentioned that but i do think we need to ask the question of why did the state department act as a conduit to deliver 18 tons of ppe that was donated. It was humanitarian relief but 18 tons of ppe in early february went to china because we are benevolent nation and they are a bunch of liers, the communist party is. Lets just say it like it is. Lowquality masks are infiltrating the u. S. Coronavirus task. 60 of masks allowed in more tinny particles and at least standard than the u. S. Permits. Maria yeah, i mean, they are sending us defective masks after having cleaned up all of the masks and gloves that the world needed at a time that they were downplaying the actual virus, so you have to wonder what the motive is here. Senator tom cotton on sunday morning futures 2 weeks ago said that the country made a decisive decision to allow the coronavirus to escape its borders and that was, you know, it escaped that lab by accident but then they made a decision when they saw how severe it was to allow it to escape from the china borders because they did not want the chinese economy to contract 20 while the rest to have world contracted 2 . This was a serious charge, Jon Hilsenrath, now we are talking about a global contraction, a recession in the United States, but china knew how severe this virus was. Jon so let me say 3 things, maria, first of all, china does have a very long history of misleading the public not only the Global Public but its own public about whats happening in the economy. Its always great to 1950s that killed 10 Million People and lying about gdp statistics for years. Having said that, it doesnt surprise me that there was equipment in china earlier this year because thats where the pandemic started. It started in china, of course, they were going out buying the equipment because thats where the thing was, so i dont know if im going to make that leap from they are liars to and conspiracy, im not ready to go there. Dagen i want to say one thing, they denied there was human to human transfer. Jon yes, they are liars. Dagen they were worried about the entire population getting it from wet markets, horse manure. Maria questionable why nobody contracted in beijing, so they shut down all of wuhan and they shut down the Hubei Province but they allowed International Travel after they knew how severe it was, 433,000 people traveled to china to america in january 2020. Theres that. Meanwhile, we do have a lot of promise on the pharmaceutical sector, roche ceo severin schwan. We will be right back with that. I love her condo. Nana throws the best parties. Well planned, well invested, well protected. Voya. Be confident to and through retirement. Sprinting past every leak in our softest, smoothest fabric. Shes confident, protected, her strength respected. Depend. The only thing stronger than us, is you. Maria welcome back, good monday morning, im maria bartiromo, it is monday may fourth, top stories 6 34 a. M. On the east coast. Tensions rising with the United States and china over the coronavirus. Thats weighing on markets this morning. Futures indicating another decline of trading to the tune 258 points in dow industrials kicking off week on negative tone. S p down 23 and the nasdaq lower by 67. Global markets also selling pressure this morning, european indices this morning in the red, take a look, manufacturing and construction starting back up again in italy today, certain stores, shops are set to reopen in 10 days followed by bars and restaurants in june. Ftse 100 down 15 points and cac request rant down 177 and dax index in germany lower by 357 points, pretty sharp decline in germany. In asia overnight losses across the board. Hong kong and south korea were down sharply, hang seng down better than 4 , hang congress gd for the First Quarter decreasing 8. 9 , much steep decline than expected. Markets in japan and china are closed for holidays. Meanwhile from dangerous storms to storm on mothers day, wild week of weather, Cheryl Casone with the details. Snow, mothers day, really . Cheryl i know, like we need something else, right, maria . Yeah, well, this is going to be interesting, tens of thousands are waking up in the dam this morning, we will start with this after powerful storms roll through tennessee, look. More than 120,000 customers still dont have power this morning and the people across the northeast they enjoyed warm weather this weekend but major changes are coming, yeah, theres the park, a cold front move ago cross the country that will send temperatures tumbling and even chance like you said, maria, chance for some snow late in the week. Just in time for mothers day, here we go. Well, rising tensions along the border of north and south korea to tell you about. The south said it exchanged gunfire yesterday after north korea fired at one of its guard posts at dmz, apparently no one was injured. Secretary pompeo saying the shots were incidental but after days images of kim jong un. North Korean Leader has been outside of the eye for 20 days prompting questions about his health. Policies will be roland out for the next few weeks until lift orders are lifted. He said it felt like a tropical paradise and coronavirus challenges. Last blockbuster in the world. Foot traffic has been cut in half because of the virus but they will go down with a fight. Thats the spirit, maria, those are your headlines, back to you. Maria thats where we are right now, cheryl, thank you. Mean while we are looking at a race for vaccine. President trump hosting virtual town hall, the commander in chief sounding optimistic on a vaccine for covid19. We are confident that we will have a vaccine by the end of the year have a vaccine. Bret by the end of this year . We think we will have you vaccine by the end of this year and we are pushing hard. Maria my next Guest Company has been working hard on testing, the company got recently got fda approval for Antibody Tests, 100 accurate of detecting both bodies in the blood, ceo of roc Roche Holdings, severin schwan. Can you tell us about the body Antibody Testing . Thank you. What we have seen with our test is really extraordinary in terms of liability, sensitivity of 100 specificity and this is fabulous results. Maria and you have begun shipping these tests. Youve shipped tests immediately so they can offer test as soon as possible. Tell us what you have seen from testing once you indicate that you do antibodies in the blood, does that mean you cant get it again, tell us what you know from the testing . We know that if you have gone through the testing and recovered, theres a high likelihood after the infection of this coronavirus that you will acquire immunity but this needs to be proven by the studies that you follow patients who have been infected and actually one of the benefits of Antibody Testing that you can follow up such patients all of the time and see whether they get reinfected or not but theres a good chance like with other coronaviruses that you get immune after you have been infected. Maria and youve consulted with Government Agencies to ensure that the test distribution prioritizes the labs with the broadest geographical reach. Tell us about that, why are you ensuring that the tests get to the people who need it sooner rather than later . The good news about this Antibody Test is we can put use in high quantities, so in may alone we will be able to ramp up production of this Antibody Test to the millions and further increase capacity in the coming months and unlike molecular is more limited. We can ramp up quickly and make available to patients around the country very fast. Maria i love it. Let me ask you to switch gears about the other study that youve initiated meant to evaluate the safety and efficacy of using and can you tell us about the drug and the patient who is have contracted covid19 . We have increasing evidence from Clinical Trials that its effective for seriouslyill patients, covid19 patients who suffered from pneumonia, but what you see from patients over their own bodys immune system overreacting and what this helps dampens immune system and many of the patients hopefully we recover again. We have Clinical Trials at the moment and we expect in june this year. Maria you have impressive performance in the First Quarter, leader in cancer, certainly a leader in Breast Cancer, tell what you say the pipeline looks forward and where the growth comes for at roche in the coming 3 years . Well, what we have seen that our business is very resilient and thats related to our portfolio. The biggest provider of cancer medicines and people who suffer from cancer, they continue to take their medication so therefore we are less affected than other industries are, the companies by this pandemic. What we have seen in particular is that the demand followed newly launched medicines has been good in the First Quarter. Overall less affected than other companies in the industries. Maria severin, we are seeing the economy open up and elective procedures werent getting done. People were worried that women werent getting mammograms, how worried are you because people are missing their check pickups because you work hard at roche to continue to fight Breast Cancer . This is a real concern not only for cancer but other diseases as well. People are hesitant to go to the doctor or hospital because they are afraid to get infected by the coronavirus, but this is a risk in itself because sometimes people come too late to the hospital where they should be treated so we have to make sure that we find the right balance. Its very important to fight covid19 but it is also important to keep our care up and running for other severe diseases. Maria for sure, severin, thank you very much for your leadership, we appreciate your leadership. We will watch the development of roche. Ceo of roche. We will have more right here having an annuity tells me that im protected. During turbulent times, consider protected Lifetime Income from an annuity as part of your retirement plan. This can help you cover your essential monthly expenses. Learn more at protectedincome. Org. Maria welcome back, growing number of americans increasing Credit Card Debt as a result of the coronavirus pandemic. Thats according to new report from creditcards. Com, not only 40 of americans have Credit Card Debt 23 has added more because of covid19 pandemic. Joining me first on fox Business Credit card analyst ted. Your report Shows Millennials have been hit hard by Credit Card Debt. Millennials have been hit the hardest, 34 have added to Credit Card Debt due to pandemic. 58 are stressed about it versus 45 of the general population. What i think is happening here is that wages have rarely budged over the last 40 years when we count for inflation and other costs have gone up substantially, things like college, housing and child care and burdens that fall heavy on millennials. Many were close to the edge even before the pandemic. Maria lee, jump in. Lee yeah, one of my questions is i know that, you know, one in four households right now has lost income as a result of this, whether they are unemployed or reduced income. We know people havent saved Emergency Fund and 6 of 10 americans as you said are concerned about paying bills every month. Is this Credit Card Debt that theyre looking at, do we know what its tied to and what are their expenses do they have, any ideas on how they might be paying back or is this the beginning of what you might see as a sort of credit bubble happening . I think a lot of it is going to necessities and we can only hope that the job market rebounds as quickly as it collapsed in the last couple of months. Something thats notable here is that only 7 of Credit Card Debtors have asked their issuer for a break, thats something that id like to see go a lot higher because help is available if you ask. You can often get a lower maybe they will let you skip a payment or two. People are not asking enough. Only 7 . Maria thats a really good point. But, ted, you know, your report exposes the most common strategies for paying off Credit Card Debt. Go through the strategies, that will be helpful. The most common is paying more than minimum. That was far and away the biggest answer people gave us and thats fine but i think you need to do more. In normal times i would say get a zero percent Balance Transfer card, get a personal loan, these are useful forms of debt consolidation that can lower the rate. Right now asking issuer for break should go to the top of the list because, of course, if you have the money, then, yes, you should pay it off but for a lot of people they are in limbo now and they may not have as much money coming in. I think asking for a break is huge and one other thing that i thought was notable there was that 9 say they are not paying at all. Thats definitely worrisome for the card companies. Maria yeah, look how much money you youre making your bill if youre not paying enough in time, youre getting those fees added to overall chunk of your bill and cost you so much more, but i guess people understand that. Ted, thanks so much for the advice, great to see you, sir, have a good day. Thanks for having me. Maria coming up Supreme Court holding historic Conference Call on coronavirus. What makes it so special . Next stay with us. Our drivers helping grocers restock their shelves. How were helping restaurants open popup markets. And encouraging all americans to take out to give back. Adversity came to town. So we looked it in the eye. And it wont be us. That blinks first. Daddy, i found you good job. Now im gonna stay here and you go hide. Watch your favorites from anywhere in the house with the Xfinity Stream app. Free with your xfinity service. Now any room can be a tv room. Stream live tv, on demand shows and movies, even your dvr recordings. Download the Xfinity Stream app today to stream the entertainment you love. Maria welcome back, the Supreme Court hearing all arguments by telephone beginning today due to coronavirus. The public can listen in for the first time ever. Joining us fox news senior judicial analyst judge andrew napolitano, judge, great to see you. This sounds interesting. Andrew fascinating for those of us who watch the Supreme Court because we can monitor the oral argument in realtime without having to go to washington, d. C. To observe it. This is really radical for the court, maria, because the give and take not only between lawyer and and justice, but between the justices themselves simply wont be there. So the way the court is setting it up is they will speak in order of seniority. They cant jump in spontaneously in order to respond to something that a lawyer says or a colleague on the bench says as would be the case if they were in their courtroom, so the first person to speak will be the chief justice. Then Justice Thomas, Justice Thomas has has only spoken once in 25 years on the bench and will probably not say anything and then Justice Ginsburg and then junior justice, justice kavanaugh. The question is will this change juries prudence and would it change the law or is this just a temporary in my view commendable stopgap in this age of coronavirus. Maria i want to ask you, i want to switch gears and ask you about Congress Demanding that jeff bezos testify, judge. The House Judiciary Committee wants to question amazon ceo about, quote, criminally false statements, the company make to go congress about business practice as part of antitrust investigation. Judge bezos has yet to make congressional appearance, does he have to show up now . Andrew hes not the human being that was alleged to have made false statements. Its that person that the congress should call. This goes to the information that amazon uses when it charges advertising rates and what it may do to squeeze out some small competitors. Remember, its suppliers are also competitors. I dont know if jeff bees is going to show but somebody is going to show. Maria all right, judge napolitano, thank you, we will take a break. When we come back former ag Jeff Sessions is here with me next. Every Financial Plan needs a cfp® professional confident Financial Plans, calming Financial Plans, complete Financial Plans. Theyre all possible with a cfp® professional. Find yours at letsmakeaplan. Org. Maria welcome back. Good monday morning. Thank so much for joining us. Im maria bartiromo. It is monday, may 4th. Your top stories right now. President trump says china tried to cover up the coronavirus outbreak while ill hoarded medical supplies as the white house focuses on a lab in wuhan as a source. The president predicting a vaccine for covid19 by the end of the year. Meanwhile, the fda granting roche emergency authorization for the antibodies test, roches ceo a moment ago told me theres a good chance that after an infection people become immune to the coronavirus. Getting america back to work, more states are easing restrictions this morning, many businesses and states are seeking additional financial assistance. At 8 30 a. M. Im speak with treasury secretary Steven Mnuchin live, hell join me on whats being done to help the American Economy recover from this pandemic and what the future stimulus could look like. Retail is struggling from the extended closures j crew becomes the latest to file for bankruptcy protection this morning. Markets are lower, futures indicating a triple digit decline as we kick off a new week, the Dow Jones Industrial average futures down 273 points, s p down 26, and the nasdaq right now down 75. This on top of a selloff on friday which left the markets in the red for the week. Last week. The major indices down fractionally on the week. Mornings with maria is live right now. Flow ball markets this morning Global Markets under selling pressure. In Europe Markets are in the red as tensions between the United States and china grow. Manufacturing and construction starting back up in italy today. Shops are set to reopen in 10 days followed by bars and restaurants in june. The fq100 in london down 10, cac down 182 and the dax index down 364 points on the dax index. In asia overnight losses across the board, although hong kong and south korea down while hong kongs gdp for the First Quarter decreased 8. 9 year over year. That was a much steeper fall than expected. As you see, the index was down better than 4 . The markets in japan and china closed for holidays. Lets Check Oil Prices this morning, sliding after snapping a three week losing streak and we are looking at crude at 18. 76 a barrel, down about a dollar a barrel right now. We have a big show coming up this morning. Joining the conversation, Dagen Mcdowell, lee carter and Jon Hilsenrath. Great to see everybody. We have a lot of breaking news. Dagen indeed. Good to see you. Great to be here. Maria some of the top stories were watching this morning, President Trump says it is time for america to get back on its feet. And reopen the economy. During a fox news town hall at the Lincoln Memorial last night. At some point we have to open our country. And people are going to be safe. Weve learned a lot. Weve learned about the tremendous contagion. Be have to choice. We cant stay closed as a country. Were not going to have a country left. These are people that want to get back to work and make a living. Theyre afraid their jobs wont be there. If you keep it going too long thats going to happen. Maria and many states are beginning the long road back to normalcy this morning with 15 states planning to reopen parts of their economies today. From restaurants, gyms and groomers to surgeries and salons, President Trump also saying he wants to see schools and universities reopen in september. The president predicted a Coronavirus Vaccine could be available by the end of the year as covid19 cases in the United States approach now 1. 2 million with nearly 68,000 deaths from covid19. So far, more than 180,000 people have recovered from the virus in the United States as well. Paul singers Elliott Management reportedly financing a patent lawsuit against kuibbe, a streaming service. Eco claims it is violating patents for the feature that hows users to play different videos depending how they hold their phone. Quibbe says the lawsuit is meritless. Tom hanks lifting spirits during a virtual commencement speech to new graduates. Watch. You succeeded because of the aid and the love of others that are in your lives, without a doubt. But you succeeded mostly because you and you alone chose to do so. You are the chosen ones. Maria hanks urging the graduates at the Wright State University to help rebuild the world, saying, quote, you will not let us down. The Academy Award winner was the first major celebrity to announce he had been diagnosed with covid19. He has since recovered. Chinas deadly covid19 coverup continues, the department of Homeland Security reporting that china deliberately downplayed the severeity of covid19 in order to hoard critical medical supplies needed to fight the outbreak. The report revealing china increasedism ports and decreased, ports of medical supplies while concealing the extent of the virus in january. If youve been watching this program you knew that already. Weve been covering this story closely. White house trade advisor Peter Navarro told me weeks ago on sunday morning futures back in april that china had cornered the ppe market. So that was that, and then heres what i think should be very disturbing to every american. During that period of time, that sixweek interval when they were hiding this virus from the world, china went from a net exporter of personal protective equipment, they are the larger producer of that in the world, to a large net importer. They basically went around and vacuumed up virtually all of the ppe around the world including a lot from this country, which was for humanitarian reasons sharing our ppe with them. And what that did was leave people in new york, milan and everywhere in between defenseless when it came time to have that ppe. Now, whats happening today, which is equally alarming is china is sitting on that hoard of ppe where it cornered the market and its profiteering. I have casing coming across my desk where 50cent masks made in china are being sold to hospitals here in america for as much as 8. Maria joining me right now is former attorney general under President Trump, former alabama senator and Current Senate candidate, Jeff Sessions. And great to see you, jeff. Thanks very much for being here this morning. You heard Peter Navarro there. Explain what the motive is on chinas side of this because first they downplayed the virus. They make anybody who rang the whistle on it quiet down. Then they cornered the market for ppe and then as senator tom cotton told me a couple weeks ago, once they saw the severeity of the virus and how it would impact china and its economy, they made the decision to unleash it to the world, because they didnt want chinas economy to contract 20 while the rest of the world to contract 2 . Whats the motive . Well, its a horrible thing as you just described it. Their motives have got to be bad. Theres nothing good about this. They should have had only one motive and that is to advise the world of the danger of this disease, this virus. I think Peter Navarro is just fabulous. He said its profiteering, thats certainly one thing that happened. And secretary of state pompeo also has been fabulous. As early as december, the five eyes Intelligence Report about five allies, English Speaking allies, said that they knew this was contagious, yet they were denying it was contagious as late as january 20th. Got the World Health Organization to say it wasnt even contagious, while locking up their own doctors who knew better. This is one of the worst things in the history of the world when it comes to healthcare and their failure to advise the world of the danger of this, which they knew, maria. I mean, they were studying these viruses. They knew the danger of viruses like this. Its unbelievable what they did and they need to be held to account. Maria so how are they going to be held to account . Lets face it, as we speak theyre stealing for intellectual property right now. They did a deal, they shook everybodys hand in washington when they went to do the phase one deal january 15th. I have no expectation that chinas going to buy this 250 billion worth of stuff that they promised the administration that they would buy. And in the same time, right now theyre trying to race the United States to come up with a vaccine for covid19 because i guess they think the country that comes up with the first vaccine for covid19 will have economic superior at this. I spoke with ted cruz on sunday morning futures this sunday, yesterday. He stressed the importance of protecting against chinese espionage from telecom to Cancer Research because theyre stealing science right now at md anderson cancer institute. Watch this. We talked about the theft that is so prevalent coming out of china, the theft of intellectual property. You said right now as we speak the Chinese Communist party has directed students, if you will, researchers, if you will, at md anderson, one of the leading cancer institutions in america, in the world, and theyre stealing from us right now in regard to Cancer Research. Tell me about that. Thats exactly right. What were seeing from china look, theres always been theft, theres been piracy and industrial espionage. What weve never seen in the history of the world is a nation state with trillions of dollars of resources like china, who uses the theft of intellectual property as a strategy, to invest billions of dollars into it. Maria mr. Ag, if youre elected to the senate once again, are you going to spearhead some similar efforts, are you going to spearhead efforts to hold them to account . Tell me how you do that, real quick. Because i want to get to Michael Flynn. Maria, great. This is exactly what we need to do. We need to reset and ive been saying this for weeks, laying out a plan to reset our relationship with china. As attorney general, i announced publicly a china initiative. We found that almost no cases were being brought against chineseen at thi entities for intellectual theft and those kind of things. We went from zero to 5 50 cases ongoing right now with 1,000 investigations in every corner of this country being conducted right now on chinese illegalities. Thats the way weve got to fight back in a host of ways. I call my plan betting on america because we can win if we stand up and fight and take off the rose colored glasses weve been wearing when it comes to china. Maria well, people want to trust america but first they have to see accountability after what we saw during the 2016 election. Remember when i spoke with you when you were the ag under President Trump and you said that you were investigating a whole lot of leaks at the fbi. Now we know what happened with Michael Flynn. They totally set him up. I spoke with South Carolina senator Lindsey Graham on sunday morning futures yesterday and i asked him if he was going to interview anybody. Hes got subpoena power. The fbi officials and how they talked with National Security adviser Michael Flynn and they basically set him up, hoping he would lie to the bureau. Watch this. Will you call peter strzok to your committee to interview him as a witness, senator . Yeah, when the case is over, im not going to do anything to interfere in an ongoing criminal case. That would be unethical. That would be wrong. When this case is over, im going to ask questions like why did the field office recommend dropping the case and peter strzok and the seventh floor insisted that it go forward. Maria do you think hell be exonerated then . I think the judge should, in light of this new evidence, dismiss the guilty plea and eventually dismiss the case. Maria what do you think, jeff, what should be done here with the bad actors who wanted to take down President Trump in a coup . Well, lindseys correct, weve got to have an investigation. The world needs to know how this happened. Im very, very supportive of attorney general barr who has made clear that he is going to find out how this got started, whether there was a sufficient predicate or basis to even commence this investigation. Now we see how the flynn matter was handled. Its stunningly improper, should never have happened that way. It became from the very top of the fbi, comey himself, the notes about how they would do the interviews, whether they wanted the truth or whether they wanted to catch him in a lie, that was a note so the meeting with comey himself, he infected this investigation and he went after flynn improperly in my view. Maria well, certainly looks that way. Were waiting on john durham and his investigation. Jeff, good to see you this morning. Thanks so much. Well be watching the developments. Former ag Jeff Sessions. Well be right back. I was born in 37. It was a very struggling period of time. Up and down. Depression to exuberance. And you could name many, many cycles like that over the years. My generation, having come through so many wars and so many things. Persistence. Its the heartbeat of this country. Stick with it. Maria welcome back. Stocks are pointing to a decline ahead of the opening of trading this morning. The dow industrials down 301 points, this right here is the low of the morning. Markets are waiting on the reopening of the economy and watching with heightened tensions between the United States and china. Investors looking ahead to the april jobs report due out on friday. Some estimates show the highest Unemployment Rate on record will be shown on friday when we get that report. Joining us right now is Global Advisors president dominic tavella. Great to see you. Tell us what youre expecting for the friday number, the jobs report, and whether or not you think the negative news is priced into the market already. So the numbers are going to get continuously worse even if the economy opens. Theres been a considerable number of people that still have not been able to file or theyve actually been on pause, their employers put them on pause because they dont know if theyll qualify for i the ppp program or not. I think the numbers get worse before they get better and i dont think the markets have priced in the true effect of the virus yet. I think we recovered a little bit too far too fast and were probably going to go back down a little bit. Maria youre expecting another leg down. How significant . I dont think its going to be ugly. I dont think we go back no where near and retest the lows we saw in march. To think we could be 5 or 10 lower than we are today, i dont think its unreasonable at all. 95 of the companies that reported so far have given us no guidance going forward. We have to make assumptions and based on those assumptions we are overvalued on the s p. Maria all right. Jon hilsenrath. Can you talk about the outlook 2021, what kind of growth are we going to see in earnings, is there going to be a big rebound or a modest rebound . Were in a camp of a modest rebound. Look, we saw what warren buffet announced over the weekend in his sale of the position in the airline stocks. Clearly if warren thought this was going to be a three, six month recovery, i have to assume he would have left his position alone and looked into next year and said okay, were going to have substantial growth. I dont see that. You really have to think about the consumer, twothirds of our economy, how quickly are they going to go back to the new normal and i do think things get better in the third and Fourth Quarter, 2021 should be better still, but back to the new normal, back to where restaurants are full and the disney parks of the world are full, kind of hard to believe right now. Maria yeah, i mean, that could happen in 2021. Heres larry kudlow yesterday with me on sunday morning futures. Watch what he said. Weve all seen the numbers in terms of the Second Quarter, were looking at a contraction of up to 30 for the Second Quarter. Are you saying youre expecting growth in the Third Quarter, larry . Maria, theyre looking for a substantial rebound of, say, 17 to 20 in the second half of the year, beginning in the Third Quarter. The growth rate in the Third Quarter could be well over 20 . We want to move towards long run growth incentives. Maria but dominic, now the president is threatening more tariffs on china and i think thats really what is unnerving markets here. The president said that tariffs again over the weekend, that would be the ultimate punishment on china and he also said if china does not buy the u. S. Goods that they promised they would buy, 250 billion worth, he will end the existing trade truce. I dont think theyre going to buy it. What do you think. Look, maria, we saw what this trade war did for us in the Fourth Quarter of 2018. We had a very substantial correction in the markets. The world economies fear this kind of an event and we certainly dont need it now. So i hope everybody plays nice in the sand box. But it doesnt look like right now thats going to happen and so we would have to price that into the market too. And clearly today you see the futures, thats what the markets are doing. Might be another step back before we go forward. Maria all right. Dominic, well leave it there. Thanks so much. Good to see you, sir. Quick break. When we come back, we have a lot to come, getting back out there, florida begins the reopening plan today. We take a look at the three phase plan in florida right after the break. Stay with us. Limu emu doug [ siren ] give me your hand i can save you. Lots of money with Liberty Mutual we customize your Car Insurance so you only pay for what you need only pay for what you need. Liberty. Liberty. Liberty. Liberty. So were working 24 7 toected maintain a reliable network, to meet your growing internet needs. Were helping customers who are experiencing Financial Difficulties stay connected. Were increasing internet speeds for low income families in our internet essentials program. And delivering selfinstall kits to your door. Nos comprometemos a mantenerte conectado. Were committed to keeping you connected. For more information on how you can stay connected, visit xfinity. Com prepare. Maria welcome back. Getting america back to work, florida is entering phase one of a three phase opening today with the exception of three counties that were hit hard by covid19, thats miamidade, broward and palm beach counties. They will not open until a couple of weeks. The executive order, though, allows some businesses like retail stores, restaurants and state parks to reopen, but only at 25 capacity. Florida governor ron de santis joined me yesterday on sunday morning futures to walk us through it and the Economic Impact of covid19. Does florida need any federal money right now, or not . Oh, look, we lost revenue. I mean, i think if theyre going to do a package, we would absolutely love to be included in it because the economys taken a hit. Weve got people unemployed. We have parts of our economy that have stopped. Maria yeah, this will be a question for treasury secretary Steven Mnuchin who will be come up in about an hour, what kind of stimulus will the next relief package look like and will it mean money for states. Dagen mcdowell, you spent a lot of time in miami. Whats your take in terms of the phase three opening which starts today. Dagen right. The areas that will not be part of this phase one reopening are the most densely populated areas, and one of the most critical things for florida in general will be to stem an increase in the coronavirus cases, is to make sure that tourists dont come back, at least initially. And the state does deserve a lot of credit for the way that this was handled, a lot of secondguessing going on in the way that governor de santis was originally handling it. Lets remind people that the Nursing Homes down there that visitation was restricted march 11th. Visitation was completely cut off march 15th. March 15th is when the restaurants and bars were closing in new york. New york city didnt even shut down all businesses until one week after that. So weve talked repeatedly about protecting the people most vulnerable to this virus and that is older americans. Our elderly population. Florida stepped up and did that and look at what has happened in new york and new jersey, they continue to put elderly people at risk and youve had deaths in Nursing Homes. So a lot of credit goes to florida for how they handled their older population and about onefifth of the population down there is over the age of 65. That was a huge thing. Also, people just changing their behavior. There was an 80 drop in mobility in Broward County and miamidade in the weeks before the statewide shutdown. Maria yeah. Right now ron de santis is working on a plan for President Trump about International Travel which i found really interesting because i said to him thats probably going to be one of the last things that comes back. He was in the oval office talking about. He said look, we dont want florida to have the responsibility of testing everybody that all of the internationals are going to get dumped on us in florida, do it in the airports, you know, florida obviously is a big entry point for brazilians among others and he wants the airlines and the airports to take on that to do the testing because the testing will be key to getting International Travel again. I dont know if thats even going to happen by the end of the year, International Travel. Dagen thats why i bring up the hotels. I talked to people who are in florida about this. That you need to come up with a way to discourage travelers from coming in from other countries. At least in the coming months. As we get our arms around the infection rate in that state and across the nation. Maria well, we dont have an opportunity for them to come right now. Theres obviously a rule in place, banning International Travel. So thats not happening right now. But well see. Markets this morning pointing to a lower opening due to renewed tensions between the United States and china, the president talking about tariffs once again. Were looking at the future of the u. S. Open, a new location for the top tennis tournament when we come back. Stay with us. This is an athlete, twenty reps deep, sprinting past every leak in our softest, smoothest fabric. Shes confident, protected, her strength respected. Depend. The only thing stronger than us, is you. She youre the engine ed, that makes all things go eys] and youre always in disguise, my hero i see your light in the dark smile in my face when we all know its hard youre doing a good job a good job youre doing a good job dont get too down the world needs you now know that you matter maria welcome back. Good monday morning, everybody. Thanks so much for joining us. Im maria bartiromo. It is monday, may 4th. Your top stories right now. Tensions are rising between the United States and china over the coronavirus. That is weighing on markets this morning. Take a look at futures indicating a decline of 250 points on the Dow Jones Industrial average right now, we kick off the week with weakness across the board on stocks. The nasdaq down 66, s p down 22. Global markets under pressure this morning, take a look at europe. Markets in the red across the board. We did have manufacturing and construction starting back up in italy today, shops are set to open in 10 days. The fq down 14, cac is down 175 points, the dax index in germany down 371 points right now. In asia overnight there were losses there as well. In hong kong and south korea. In fact, hong kongs gdp for the First Quarter was down 8. 9 year over year. That is a much steeper decline than expected. Markets in japan and china closed overnight for holidays. Controversy in San Francisco this morning after Police Officers are ordered to stop Wearing Masks made to honor fallen officers. Cheryl casone with details. Cheryl. Cheryl this is interesting, maria. Good morning to you again. So the controversy started last week after officers were seen wearing thin blue line masks at a may day protest. Well, the chief there, bill scott, has taken heat with his decision to ban the masks. He called them too divisive. The citys police union which provided the masks insists they were shown to the command staff before they were used. Scott says hes looking into more neutral face coverings for officers. Well, the u. S. Open could be held in california this year. Michael dowe, the executive director, tells inside tennis the tournament may take place at indian wells in november instead of here in new york in august and september like it normally is. He says another option, play the u. S. Open in queens with fewer fans or virtually none at all. He says theyre going to know more in june, hopefully. And finally heres look at what is trending this morning on foxbusiness. Com. Costco crowding coronavirus pandemic turns rowdy, cops called. Nearly 1,000 shoppers became upset, chanting let us shop after the store took an extra half hour to open. Newlyweds arrested for violating coronavirus social distancing after ah ha which which hotels ah h a hawaii hotel kicks a cop. Who pays for what in a wedding. Well, according the most American Wedding etiquette guides, the brides family traditionally pays for most of it. The grooms family pays for the rehearsal dinner. That can go virtual which is cheaper, just pointing that out. Back to you. [ laughter ] maria youre right. Thank you so much, cheryl. We are looking at potential misconduct at the fbi, certainly the leadership at the fbi, the cakabal trying to take down President Trump. Documents surfaced showing top officials discussed the possibility of getting Michael Flynn to lie. I spoke with trey gowdy and jim jordan about their takeaway from the leaked documents. Watch. Peter strzok overrules the agencies to say mike flynn did nothing wrong, because comey ad mccabe told them to. Other people go to trump tower and try to set up the president. Remember, this is where jim comey said after the meetings done i want to talk to the president. He tells the president about the dossier. The dossier, they already knew was false, they new was russian dis information, knew was paid for by the clinton cam contain. Two weeks after that we have the fbi going to the white house to set up Michael Flynn. Maria will we see accountability, trey in. You can have it in the executive bran of with prosecution. Accountability takes consensus. I bet jimmy cant name a single democrat that is interested in the house at looking into the treatment of the fbi. When i was there, the democrats finally found a cop that they liked. Unfortunately, his name was peter strzok whose only interest in this investigation was if it would lead to the impeachment of donald trump. So accountability requires consensus. Where is it . Maria joining me right now is mdc partners chairman and ceo, takingwell Group President and former advisor to the clintons, mark penn is here many you wrote an op ed, slamming the flynn probe. Your reaction to what has taken place. Do you think this is the beginning of the dominoes beginning to fall on the people who we know tried to take down donald trump and use the tools we use in our government against terrorists to do so . I absolutely believe that these documents and particularly the notes from the head of Counter Intelligence saying why are we going to see flynn, admission, guilt, get him fired, prosecuted, is a true smoking gun here that weve been waiting for. Enough of this oh, maybe it was by chance, maybe they were just a little slip shod when they made 17 errors in one direction on the carter page thing. Its very clear. They had for no reason in the first place investigated general flynn. Cleared him of being a russian agent which he never was. Of course, he had contacts in russia. He was supposed to be our National Security advisor. And then they went after deliberately to create a crime when they had no basis for doing that. Absolutely none. It is incredible. And i believe it begins to peel this onion here which is going to be big. Its going to be big indictments i think now. Maria its going to be huge because we both know what took place, how they threw informants at Campaign People and then wiretapped Campaign People as well. John brennan, i want to see where he fits into this all of this because it is the cia that sets up all of those informants. But do you think who is the kabal . Comey . John brennan . Peter strzok . Carter page. Peter strzok was clearly the enforcer or the actor here in all of these different areas. He did the interviews. Right. He is also we thought those texts were the smoking gun and somehow they didnt become the smoking gun. Oh, they were just political opinion. They werent just political opinion. They were the kinds of opinions that were driving the fbi, the cia, all of these top officials, to try to take what turned out to be utter rubbish, the steele dossier which we know from the footnotes was probably russian disinformation. Maria dont forget, for near years the public was up in arms about collusion with russia which was ridiculous. You and i were poking holes the whole time. Interestingly, peter strzok was also working at the same time on Hillary Clintons email investigation. That he wanted to get done nice and early. He didnt want that to be a factor at all. If he was lying there, with general flynn, was he lying on Hillary Clinton and is there a chance that investigation comes back into focus . I dont think that theyre going to restart that investigation. I think the real question is will there be accountability for comey and the kabal that was behind three years of fake and false investigations and maybe even as we know, comey testified that he hadnt concluded when he the hillary investigation when he had already written the conclusion. Will the lies to congress, to the American People be accounted for . Maria well, what ive learned this weekend with all my phone calls, getting ready for sunday morning futures are two things. The next focuser is going to be the Mueller Report and Christopher Wray because when mueller was appointed in may of 2017 there still was no evidence of russia collusion. They still had nothing. In may of 2017 when they named mueller. So this is all coming back. They want to know why mueller was named special counsel and thats going to be a focus and also a lot of people questioning what has Christopher Wray done in two years. They said he was going to come in and clean house. He hasnt done any of this. They sat on documents. We just got the documents. We should have gotten the documents when Christopher Wray started his new i don job. The Mueller Investigation should have realized there was nothing on flynn. Instead, they pressed forward with indicting. Maria they get it going. Hoping that they could interview people that maybe would give them what they were looking for and that was collusion which never came up. Real quick, 2020, joe bidens potential vp pick, a new cbs news poll shows democratic voters favor senator Elizabeth Warren, followed by Kamala Harris, stacy abrams and Amy Klobuchar. Your reaction here. A lot of conversation about who will joe biden pick for his vp. Well, of courses said he would pick a woman. I think klobuchar is really leading. I think it makes sense that the poll comes back in the order in which people kind of receive votes or support in the primary. I think Kamala Harris is a real possibility as well. I highly doubt Elizabeth Warren would wind up his nominee. Maria okay. So you do think it will be a woman then . I think he can operate that promise. I think he made it clear and unambiguous promise like that. Although in this situation, andrew cuomo would have been a good pick. I think if he breaks that promise, it would be a real problem for him. Maria all right. Mark, great to get your insights on all of this. Thank you, sir. We will see you soon. Weve got much more ahead. Coming up, we are speaking with treasury secretary Steven Mnuchin, dont miss that. Back in a moment. Maria delaying mortgage pages with job losses soaring above 30 million due to coronavirus, more borrowers are taking advantage of the governments bailout program. Many fearing what will happen after the grace period if theyll end up owing a sizable lump sum in back payments. Joining me right now is rogers heely and Associates Real Estate owner, rogers healy. Its great to have you. What advice do you have for somebody out there who cant make the mortgage right now. See if you can maybe renegotiate your mortgage. Do your research. A lot of people maybe cant qualify based on who their current mortgager is. Its going to be a difficult time. It will be difficult to delay your mortgage payment and have it all owed at once. Do your research and see if theres other options to make it still work. Maria well, some lawmakers are calling for allowing struggling homeowners to move the payments to the back of the loan instead of a lump sum after the forbearance period. Do you see that gaining traction . I think so. I think that people are going to really work with whatever they can to make something work and to be able to wrap it to the end of the loan is a way more realistic option for people that need the delay. Right now, everybodys going to Work Together to try to find a light at the end of the tunnel. The good news all the stuff were dealing with right now is not real estates fault. The people that qualified in the first place were more better vetted than it was eight, nine years ago. I hope a wrap is a better option and maybe more realistic than a balloon payment. Maria Jon Hilsenrath. Rogers, theres been a lot of talk in the markets about the role of the federal Housing Finance agency, the regulator of fannie mae and freddy mac and its leader. What role do you see them playing here and is this the kind of problem that the market can sort out for itself or does it need fannie and freddy and the fha to arrange some kind of bailout . I think were going to see a really creative solution all around. Like maria said a few seconds ago, we have so many people unemployed that even if a fraction of them were homeowners and a fraction of those had a mortgage, were going to have to see something to where we dont have the same foreclosure and even short sale crisis we did in the early 2010. So i do think theres going to be maybe some sort of creative bailout, not to the extent we saw during the Obama Administration but theres something that has to protect these people in the long run. Maria lee carter. Yeah, one of the things that i in addition to people not being able to pay mortgages, im curious what you see as far as trends, do you think people are going to be making moves now . Do you think well see more people moving to the suburbs, leaving urban areas . What do you see with the market . Weve seen over the last couple years a shift from stuff. You know, theres a term that we started talking about a couple years ago, where people that couldnt afford to live in new york, moved to charlotte, people that couldnt ain orde afford tn denver moved to boise, idaho. I think people will go forwards being at home more. Here we with, month two of working from home. People are going to get used to it. I think were going to see stuff that faded out with friends. You asked trends. You asked about trends, home gyms, home offices, larger living spaces. I think well see people want closed off spaces too because again, you spend 606 days 60 days with anybody in an open room, youll want solitude. I think well see trends in the next couple months that will pop up out of nowhere. Maria i think well see people changing their accommodations to accommodate a different desire. Great to see you, rogers, thanks very much. Well take a break. When we come back, good game. Elon musks new plans for his tesla cars. Maybe a bit of a distraction for drivers. It is making buzz this morning. Weve got the morning buzz right after this. Maggie, i couldnt have tried anymore. You led me away from home. Just to save you from being alone. Now, knowing were prepared for the future. Surprise we renovated the guest room, so you can live with us. Im good at my condo. Well planned, well invested, well protected. Voya. Be confident to and through retirement. Swithout even on yoleaving your house. Just keep your phone and switch to xfinity mobile. You can get it by ordering a free sim card online. Once you activate, youll only have to pay for the data you need saving you up to 400 a year. There are no term contracts, no activation fees, and no credit check on the first two lines. Get a 50 prepaid card when you switch. Its the most reliable wireless network. And it could save you hundreds. Xfinity mobile. Maria welcome back. Time for the morning buzz. First up, finding the right fit. Basketball legend Michael Jordan and sneaker giant nike have been teaming up for more than three decades to create the iconic air jordan sneaker, one of the most profitable and famous shoes in history. Footage from espns Michael Jordan documentary shows a clip of 21yearold jordan saying if he had it his way he would have inked the deal with adidas. Jon hilsenrath, do you own a pair . No, i cant say i do. But i love watching the documentary. You know, like a lot of people out there, im a huge sports fan and it kind of sucks not being able to watch it on a regular basis. Im watching up on Michael Jordan. The guys an amazing job, incredibly competitive spirit. The anecdote about reebok, it shows how random life can be. He was expecting 3 million in sales from that first year and ended up getting 100 million. Maria unbelievable. Yeah, its interesting that he wanted adidas first. Elon musk giving video games a green light, the tesla chiefs latest idea, installing games like mine craft and pokemon go into tesla vehicles. Dagen, talk about distracted driving when youve got that stuff going on. Dagen lets talk about distracted tweeting when it comes to elon musk. We should call it the morning, noon and night buzz, based on what was happening on twitter on friday when he said that teslas stock price is too high in his opinion. He was tweeting part of the star spangled banner. He announced hes selling almost all his physical possessions and will own no house. So i made a joke and this is a joke, that maybe elon musk dipped into the wrong bag of gummies on friday. [ laughter ] maria maybe. Finally, apples safe id flop, iphone users around the globe unable to unlock their iphones amid the covid19 because apples face id technology did not recognize face masks. A solution may be on the way. The next ios update will detect when someone is wearing a mask and will pull up the pass code entry screen. Lee, have you had trouble with this . I mean, i actually have and whats the big deal. I just put my code in. Its so frustrating. I go on hikes with my daughter every weekend. She is one. I want to capture pictures. As soon as i take my phone out i cant get the picture, i miss the moment. Im really hopeful this comes out fast. Its so frustrating. Maria all right. Well put the mask in the picture and identify it, apple. There you go. Coming up, treasury secretary Steven Mnuchin is here, joining me live in the next hour to talk about the economy, the Paycheck Protection Program, getting back to work, all that and a lot more in the next hour right here on mornings with maria. Stay with us. This is decision tech. Find a stock based on your interests or whats trending. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. I have the power to lower my blood sugar and a1c. Because i can still make my own insulin. And trulicity activates my body to release it like its supposed to. Once weekly trulicity is for type 2 diabetes. Its not insulin. It starts acting from the first dose. And it lowers risk of heart attack, stroke, or death in people with known Heart Disease or multiple risk factors. Trulicity isnt for people with type 1 diabetes or diabetic ketoacidosis. Dont take trulicity if youre allergic to it, you or your family have medullary thyroid cancer, or have multiple endocrine neoplasia syndrome type 2. Stop trulicity and call your doctor right away if you have an allergic reaction, a lump or swelling in your neck, severe stomach pain, changes in vision, or diabetic retinopathy. Serious side effects may include pancreatitis. Taking trulicity with sulfonylurea or insulin raises low blood sugar risk. Side effects include nausea, diarrhea, vomiting, belly pain, and decreased appetite, which lead to dehydration and may worsen kidney problems. I have it within me to lower my a1c. Ask your doctor about trulicity. Good monday morning aifrng thanks for joining us. Im maria bartiromo. Monday, may 4 your top stories right now 8 00 a. M. On the button on the east coast. President trump, says china tried to cover up the coronavirus outbreak, while it highereded medical supplies white house focuses on lab in wuhan as source possible retaliation for the damage done, president also predicting a vaccine by the end of the year, meanwhile, fda granting a Roche Holding emergency authorization for ant body isis test a good fortunes after infection people become immune to coronavirus joined us earlier, getting america back to work states easing restrictions many businesses states are seeking additional financial assistance, at 8 30 a. M. Eastern this morning Steven Mnuchin will join me live with more on what is being done to hope the american worker, and the economy, recover from this pandemic what future stimulus might look like, retail continues to struggling from extended closures jcrew very latest to file for bankruptcy protection this morning. Markets are lower on all of this futures indicating a tripledigit decline to kick off new week here, the dow industrials right now down 258 points, that is better than 1 s p down 23 nasdaq lower by 64, this on top of a selloff on friday left u. S. Markets in the red for the week. All major indices fractionally on the week mornings with maria is live right now. Maria Global Markets are also under selling pressure this morning european indices down tensions between United States china grow manufacturing construction starting up in italy today shops are set to reopen in 10 days, followed by bars restaurants, in june. The ft 100 fractionally lower but cac quarante in paris down 175. The dax in germany lower by 337, in asia overnight losses there as well, hong kong and south korea. We go Economic Data on hongs economy gdp there for the First Quarter decreasing 8. 9 year over year steeper than expected markets in japan china closed overnight for i holidays as you can see, oil prices this morning, sliding once again they are beings snapped three week losing streak last week, but price of oil now 19. 16 a barrel down as you can see about 3 , we got a show coming up joining the conversation this morning Dagen Mcdowell, lee carter Jon Hilsenrath, greet to see everybody this morning. Dagen great to see you, by the way, quickly maria elon musk pars to have lists two of his los angeles homes across the street from each other in belair california delivering on, his pledge, to get rid of like all this is he possessions one owned by jane wilder of willie one ofa fan he tweeting about god bless the man keeping it interesting. Keeping promising he said going to sell assets put two homes on the market, covering that other top stories this morning, right now, President Trump says it is time for america to get back on its feet reopen the economy, during a fox news town hall at Lincoln Memorial last night. At some point we have to open our country. And people are going to be safe we have learned a lot learned about tremendous contagion but we have no choice we cant stay closed as juan were not going to have a country left these are workers these are people want to get back work and make lacing afraid jobs arent going to be about there, certain point if you keep going too long that is going to happen. Maria many states are beginning long road walk to normalcy 15 states planning to reopen parts of Economy Today restaurants, gymnasium groomers surgeries salons President Trump saying that he wants to see schools and universities reopen this september. The president predicting a Coronavirus Vaccine meanwhile, could be available by december, later this year, as covid19 cases United States now approach 1. 2 million nearly 68,000 people died from covid19, so far more than 180,000 people have recovered from this virus in the United States. Uber not taking risks with virus as rolling out a mask requirement for drivers, riders phased in next few weeks as stayathome orders are lifted Company Announced last month would shift millions of masks to drivers to follow cdc guidance upper also shipping disinfectant the drivers hardhit areas the stock lower down 3 , right now on uber technology. Covered 19 forcing. Dagen crew to file for bankruptcy protection reorganization plan j. Crew will hand over control throwneder skwert 1. 65 billion dollars of debt, into equity online sales operate normally at jiflt crue. Taylor swift surprising a super fan nurse on frontlines of covered 19 sending a handwritten letter to whitney for 30th birthday writing i cant thank you enough for risking your life to help people that wasnt also sent a box full of clothing merchandise to the nurse utah nurse traveled to new york city to help in an effort against the coronavirus. Getting americans back to work is top california entering 7th week stay of at home restrictions, growing number of businesses, deemed nonessential choosing to reopen if defiance of owners, over weekend thousands flocked to Huntington Beach to protest governor Gavin Newsoms order to close all beaches and parks look how crowded it is former Los Angeles Mayor mercury could chairman Antonio Villaraigosa look at people crowding at beach after gavin newsom said all beaches are closed. Hi, maria i hope you are safe healthy at home as much as possible. Yeah there were a lot of people. Maria would thank you. At the beach, and, there is no question, that gavin newsom, californias governor,has been led by the science and that is important. I thinks scientists need to be listened to particularly right now in the crisis, that we have not experienced in our lifetime, at the same time, i think the Financial Times editorial said it best, when they said, yesterday, that we need to listen total scientists we need to be guided by them, but at some point he we need to also work with labor leaders Business Leaders economists how we can best open economy. I think you are right, yeah i think you are right but there are certainly states that have been under pressure before covid19 right . Antonio . When you look at some liberal policies, and what has taken place, for example, San Francisco thes sanctuary city statues whether has that done to city hom lessless needles drug addicts all over the place there, new york naitinmat released handful guests not doing well want money from federal government should they get. It first of all, i let me be clear about something San Francisco has one of the lowest covid19 rates of any city in the state. California has covid of 19 rate than most states particularly that have size. Yes, there are problems, in the state and one particularly, that i talked about, is the problem of so much well, wealth amongst so much poverty, there are that issues come with that like homelessness, i think the state has to deal with those issues as does federal government, right now i think that we need to focus on is you needed need to Work Together we do need to move towards opening up our economy, we need to do that as i said, with broad group of stake he are he holders no one size fits all we see that across the country across the world, but we do have to Work Together, pointing fingers calling names partisanship you see in washington, and other places, i dont think is what we need right now. Americans er arent looking for partisan leaders they are looking for yuniters right now our leaders have to try to do. Let me ask you why do you think homelessness problem has gotten worse in los angeles and San Francisco putting covid19 aside for a moment. Far be it for me, to to not agree with you. Maria so you would homeless problem is crisis. A couple years after i left, office, i saw this crisis growing to proportions that never heretofore seen we have to do something about it i think state needs to move much more strongly with respect to addressing the fact that housing fordability left and right we need more money make it easier to build housing very difficult probably more difficult to build housing in california than any other state in the union we need to address, you know, supportive who is we. This is adam schiff, Nancy Pelosis district should they be doing something more it has gotten much worse; right . You said it i used to be mayor, far be it for me feedback a monday morning quarterback i think if you have criticize. Let me ask you about joe biden, because he is going to pick a potential Vice President ial candidate cbs news poll shoes democratic voters wanting senator Elizabeth Warren followed by senator Kamala Harris, Stacey Abrams senator Amy Klobuchar reaction will bidens choice make that much impact on voters this fall what do you think Vice President ial candidate joe biden may or may not pick. Historically the Vice President ial pick isnt that important in terms of impacting the collection in a big way probably last time it did johnson, texas john f. Kennedy selected senator johnson, i would say, here it is different. I think biden has made it clear that or he has suggested that it is possible it could be a four year president. And not go on beyond that. I think, that this time around, who his Vice President is, will be a little more important. I dont know if it will be dispositive of the election i have not seen that in the past department for. Maria i see. O o it certainly is going feedback more impactful than it has been in the past. Who would you like to see as virtualitip pick antonio . I am a californian, Kamala Harris is our state there are great candidates, and i think you made it clear he wants a woman i think it is time, when you look at what used to be used to be women like you, werent in front of a camera the way today now we see you are better than men. So i think it is time to give a woman the opportunity to lead. Of the and i am excited about that. Maria yeah, why not . I am excited too mayor good to see you this morning. Thank you, sir. Appreciate your insight. Antonio villaraigosa former mayor los angeles a lot more to talk about treasury secretary mnuchin here to talk economy latest Round Paycheck Protection Program dont miss that. That is coming up righted her plus looking at markets pointing to a triple digit loss dragged by u. S. China tensions. Also we are looking at keeping america together one meal at a time a midwest restaurant helping out Frontline Health care workers we will tell you the story when we come back. Stay with us. All right, all right welcome back stocks pointing to tripledigit decline this morning ahead of the market open, in about an hour and 15 minutes, investors watching reopening of the economy, 35 gdp is opening this morning. Amid tightened tensions between United States and china servers looking to april jobs report due out end of the week friday, expectations show the highest Unemployment Rate on record, joining is right now to talk more about that Wells Fargo Investment Institute president Darrell Cronk thank you so much for being here how do you look at allocating congressional from investment standpoint when you consider what is happening in terms of this reopening . Weve got more this can 21 states, doing this slow but steady opening this morning, and what i have here, is that it is 35 of the economy opening up right now. That is 23 states. Yeah i think that is exactly right maria, as you hit it spoton so it is going to be lumpy like we closed the economy down, in a heartbeat when thawing out reopening going to take time particularly know 23 states, on 35 gdp you are talking about is actually in the middle parts of the country. And remember that the biggesbigges biggest exposure coast 50 gdp, predominantly lies on east and west coast to keep economy back up need coasts turned back on where most densely pop ladies areas risk of second wave or a vaiting a caseloads. Is there a long term threat there . Do you see dense areas big cities, having problems, even after we get out of this . Oh, yeah, i think they do for a while. Maria. Because you know, people are just naturally inclined we have social creatures going to social distancing for quite sometime i live in new york city i can tell you sidewalks are empty obviously, we are not open back up yet, but i think people take a very cautious approach, as they go about that so we will resume to normal i am just a little concerned from allocation of capital to earlier point may take longer than people expect, equity markets in pillar, are anticipating a much faster reopen here. I think you are right lets talk sectors first off airlines under pressure airline is to gos declining this morning Warren Buffett over weekend and his annual meeting announced that he sold at you of his shares in four major u. S. Airlines delta united american southwest, southwest ceo tried to calm investors over weekend said it is safe to fly, watch this. Is it safe to fly again . It is, you know, wilbur ross doing everything possible, to encourage people to come back and fly i dont think the risk on an airplane is any more risk than anywhere else you just look at layered approach we used it is as safe environment as you are going to find. Maria kelly also said each week in april was better than one before darrell what do you think about the airlines are they going to make it through this crisis . I am not expecting International Air travel to come back any time soon. I think you are spoton, maria i think going to take unfortunately, somewhere in the neighborhood two, three years before international Airline Travel resumes to a level we saw simply back in january, february. Lets give Airline Industry credit doing everything they can deep cleaning planes every night asking, you know not just staff but, also, customers to wear masks, they are limiting you know any refresh meant services allowing social distancing on planes doing everything that is feasible, reasonable, to allow to it happen going to take time for consumer to get comfortable with that. Maria yeah, that makes a lot of sense great to see you this morning. Thanks so much. You, too, maria, thanks. Maria stay safe, much more ahead stay with us, well be right back. Well aware of that. Which is why were ready to listen. And ready to help you find opportunity. So. Lets talk. Edward jones. Its time for investing to feel individual. Sprinting past every leak in our softest, smoothest fabric. Shes confident, protected, her strength respected. Depend. The only thing stronger than us, is you. Shes confident, protected, her strength respected. There are times when our need to connect really matters. 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Selloff in stocks market reacting to rising tensions between United States and china, is a sunday morning futures yesterday spoke with senator Lindsey Graham, on working with democrats to take a stance against china following the covid19 coverup and pandemic. Tell me what you are going to do and where are your colleagues on the left in terms of partnering with you against china . Well ive got a bill that says we are going to put sanctions on chinas economy until they cooperate with investigation about how virus came out of thelab if it came out of the lab at all posing the wet markets that create pandemics dealing with abuse against hong kong democracy advocates but doesnt matter what i do what ted cruz or tom cotton, senators Schumer Nancy Pelosi why dont you work with me others to hold china accountable for killing over 60,000 meshes, and having 30 Million People lose their jobs . Well that is really where we are right now Dagen Mcdowell youve got a number of bills in congress, right now, trying to hold china accountable, but not a peep from the democrats want to investigate President Trump again. Dagen right. The democrats getting onboard with getting to the root of what of what china did what china unleashed on the world and United States by extension, they wont step up, because it would be acknowledging President Trumps warnings about china. From when he was even running for the presidency, even before he was elected, and what he has done in trying to take tougher stance just on, our reliance on imports coming from china they wont do it. They also wont step up against china because it would shine a light on joe biden President Trumps opponent and what he has not done in the position he has taken with china. And how it potentially enriched his own family members so, again, they are going to dig heels in this all political to them. Maria right you are referring to hunter Biden Joining thenVice President Biden Air Force two to trip to china when they came back hunter biden was able to receive a billion dollars ultimately went to a billion and a half for a firm he was associated with, his fund. Dagen theyre not going to talk about anything that hurts joe biden, and potentially helps trump regardless of what that does to the American People, every american, i dont kier who you vote for deserves answers what happened to us why tens of thousands of americans are dead because of what china did. Maria 1. 2 million infected now in u. S. We will take a break with we come back treasury secretarys Steven Mnuchin will join me talk about allocates appease Paycheck Protection Program getting back to work and the Economy Today. That is next. Stay with us. Americas oldest lighthouse has weathered many storms. Seeing the break in the clouds before anyone else. Together, well weather this storm. 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Welcome back Small Business at breaking point the second round of the Paycheck Protection Program allocating 175 billion dollars, to save america Small Businesses comes amid some hiccups afterish in funds ran dry critics question if lenders priorities were in check several large universities corporations collected before those struggling most joining me over the phone uask treasury secretary Steven Mnuchin always a pleasure to have you thank you for being here. Thank you great to be with you, maria. Secretary give us a status check on Paycheck Program is all money for second tranche committed or where are we in terms of money having gone out. No, not committed yet there is 175 billion of 310 billion that has been used all the systems have been caught up couldnt be more pleased in this round 2. 2 million loans already done at average loan 79,000 dollars, so we are really seeing this is going directly to Small Businesses, and just to put in perspective, the previous round 1. 7 million loans already way over that level despite there were some hikeups with systems i think as you know this is more capacity, than the sba has done probable in entire history at this point. And now the systems are up and running this will impact about 60 Million People by the time this round is concluded, so 60 million more people will be back to work, Small Businesses, being able to open. Maria this is really important, greet number there, and thanks for doing all that you are doing secretary. Let me ask you because wall street has questions, and they say there are questions on capitol hill, about whether businesses should have more flexibility in this plan, i know that with this program, the requirement is 75 of the money the loans goes out to employees so employees get that money, and then you use 25 of the money to pay other things like rent, business expenses, people want that loosened are you willing to look again and loosen those requirements that will lead to expansion of this program . Well maria as you know, this program had enormous bipartisan support. And was designed, with everybody at the table, really the purpose of this was to get workers back to work, every dollar we spend here is a dollar we save on unemployment insurance, so the program is Pretty Simple you get two months of of payment for your workers you get an extra 25 for your overhead, to and the extent you hire back your workers got that all forgiven the idea taxpayers would forgive the majority of the money that was going to the workers, saves unemployment, and reasonable amount of individualized think 25 overhead is very fair. But this was not designed as a loan it was really designed as a grant, and people who say, you know they want to use more money for overhead they can go out and borrow, a loan another program will have 350 billion dollars to Small Businesses, 30year loans those loans around the forgiven but that is lot of money maul intis can borrow so they have overhead so these two principals combined will be a trillion dollars. That is huge, huge enormous number and you are doing it a good job, helping Small Businesses and employees what i am asking you is the ppp program, and 75 and 25 breakdown and 8week period. Because as weve talked about, from the very first time, you launched this program, i requested this asked if you are a restaurant paying 57 money to employees you still 75 to employees you dont have business you are not going to save your business maybe my employees are okay they got the money i am still going bankrupt so the question are you willing to look at those numbers and loosen them up . Can can employee take money may be pay back 10 weeks instead of 8 weeks, or 10 weeks instead of 8 weeks rathered. This is the way the program was designed by congress, we think it has the right intent to get money to employees, so i dont have the flexibility to change that. But let me just say you know there are certain cases, where businesses will have issues, but lets focus on the he bigger picture, 60 million workers, so some of those may be restaurants cant open a lot of those are restaurants that are ready to open, and also restaurants that will do a lot of takeout business, so i can tell you number of stories i have personal seen from Small Businesses people thanking us sending letters, we saw Small Business come in meet with president , i mean this is really a Great Success story. And it just enormously helpful to get businesses back open, as the economy opens. Yeah, i am not saying not a Success Story jst saying Small Business like restaurants do not feel it is a Success Story for them they say that 8week period is too ep stringent, 75 25 makeup i understand it is congress they have got i am wondering if you feel that would expand the program if you were to move that. Maria i think the president is very sympathetic to Restaurant Industry they have better than particularly hardhit. He is focusing on getting tax changes, so that will be fully tax deductible like it used to be different incentives to get people to go back to strarnts sko we fully appreciate the issues of the Restaurant Industry in particular have been hardest hit the president looking at ways to stimulate travel again we want people to travel safely. To be able to visit places, safely. So as the economy opens up i think you will see demand coming back. Maria do you think International Travel will be opened up this year . Too hard to tell at this point maria. I hope down the road it is. But i would say we are taking this our priority is opening up domestic economy obviously, for businesspeople that need to travel there will be travel on a limited basis. But that is great time to explore america a lot of people have not seen many parts of america, i wish i could get back on the road soon, so we are looking to all get back to business. Maria and secretary one senator is saying theers interpretation of the ppp plan was not intention calling for issue to be figured that irs thursday reached guidance stating the expenses related to forgivable loans Paycheck Protection Program will not be tax deduck i believe are you going to change that guidelines is correct that person is just wrong let me explain why specifically the money coming in ppp is not taxable if money that is coming, is not taxable, you are cant double dip you cant say you are going to get deductions for workers that you didnt pay for that taxpayers didnt pay for, so this is just saying that no doubledipping and, again, if the tax if ppp grants were this is an offset this is basically tax 101 simple rule. Weve got 2 states beginning reopening of the economy, secretary, that is 35 of the gdp. Tell us with a you are expecting, in next couple weeks, as we do, have this slow but steady opening for the economy. Well, i think it is important that we have a slow steady some places will be faster some places will be slower. I think as you know, this was no fault of business this wasnt anybody making bad decisions, this was all about a virus that were going to kill, by the way, i am extremely optimistic as the president has said, about getting a voaccine by end of this year i have seen terrific Companies Making greet progress on this but as the economy openings slowly we are going to see obviously, a difficult Second Quarter we will see things better in the Third Quarter better in Fourth Quarter as the president said back to a great economy next year. In doing that as we do see openings some states are having a harder time than others some states want lawmakers to make them whole. So lawmakers are clashing over next round of coronavirus stimulus relief package democrats calling for significantly more money to help states local governments but republicans pushing back, urging Congress Wait and see how economy reacts to funding that is already in place. Where do you stand on this . I had new york city mayor bill de blasio on a couple weeks ago said i need 7 1 2 billion dollars right now he we need to make new york city whole are you going to do it. Let me first say working with congress we were able to get three trillion dollars, that we are pumping into economy money going into the economy now it is beginning to get in. As relates to states, as part of this there is 150 billion dollars, that went to states that is a lot of money for coronavirus expenses, the president directed me on friday to create more flexibility, so that that money can be used and we send out guidelines for firefighters, policemen first responders, so there should be no issues with states being able to pay those people. And as weve said before, were not going to bail out states that had Financial Issues ahead of time. We will look at helping states as weve done we also set up with federal reserrom aa lendin for cities and states. Is it fair to say given expansion expires july 3 1 neighboring phase four time frame in june is that what you are working on . We are beginning to haveing conversations bipartisan basis i think everything we have done edge when bipartisan sport put three trillion dollars out if we need to put more money out to support American Business American Workers the president absolutely prepared to do that but now that weve put out three trillion dollars we are going to look at very carefully, how we go back, and we are going to also take into account what the Economic Impact is as we open up the economy. Of secretary were you surprised what boeing did last week big debt raise the company from likely needing Government Support to topping debt market in a huge way, 25, 30 billion dollars we have talked about this pushback on your commentary perhaps the government would take a stake one similar 20 what you did with airlines. It wasnt a surprise to me maria i was in touch with boeing pretty much on a weekly basis i think you know boeing is a major employer a major exporter, i speak to many, many ceos, weekly, to keep on top of what is going on. Everyone this was rally Great Success story, so if you saw the day we announced with Federal Reserve that we were going to do a facility for primary markets and secondary markets in Corporate Bonds that was going to include fallen he angels that was day are Corporate Bond markets reopened you literally had record issuance of Investment Grade bonds, so i couldnt be more pleased this this was a Great Success story. They didnt need a penny of Government Support thought they were going to need Government Support they raised 25 billion dollars, in in the capital markets. So this really worked out perfectly. Just our announcement with the fed without putting a dollar opened up the markets, and the markets are functioning normally but we are there. Companies that can access markets we are specific scenarios. President has said he wants to keep china accountable, for some of the behavior that weve seen, around this covid19 pandemic, given the fact they downplayed it the president suggested removing sovereign immunity that shields lawsuits against Chinese Communist party. Are you considering this . And what about limiting or removing shares of chinese stocks and bonds in indices i know the president discussed thrift fund, of course, u. S. Federal pension fund wants to invest in chinese companies, many of those Companies Making equipment for the chinese military. Well the president is reviewing all these issues, very, very carefully. And, as you said, he is not happy that they did not let people in earlier to study this. To know what was going on, he has been very clear. Is working with intel institutions understand what they knew what they didnt know the president s number one focus right now health he have american public, he is studying the china issue carefully. After all this is there any way the chinese are actually going to keep to their promise of applying 250 billion dollars worth of goods are you expecting them to renege . No, i am expecting them to meet their obligations, this was a detail negotiated over a long periods of time. It was signed off on by president xi and President Trump and i have every reason to expect that they honor this agreement. If they dont there would be very significant consequences in the relationship and in the global economy. As to how people would do business with them. And secretary quick before you go, the Oil Companies, is Financial Aid package coming there . No bailout to Oil Companies what weve side we are looking at Oil Companies as we are looking at other things, is to study this there are important issues the president wants us rewill maim Energy Independent let me say this is classic supply demand and balance for oil like other physical commodities there is just not a lot of room to store this there is no question in my mind down the road oil will rebound. And this is a great opportunity for a working with secretary of energy, fill up the Strategic Reserve he cut amazing deals year literally getting free oil for paying for storage. So i know he is looking for more storage capacity, in the president is determined we will work with the department of energy, to support our industry. Maria secretary thank you so much for being here appreciate it very much, secretary Steven Mnuchin. Well be right back. Maria welcome back moments ago i spoke with u. S. Treasury secretary mnuchin says congress will not be flexible with changing 8week time period for from 75 to 25 makeup for Small Business Jon Hilsenrath your reaction, i know there are a number of senators cockmen want this change up to congress we will see about that. Right now it is it doesnt sound like much room for maneuver there for treasury secretarys perspective i also point to what he said about the state and local government debate i think this is a really important debate, states are going to be raising taxes to balance budgets if not some kind of relief going to affect red tape red and blue states very important debate it has impact on whole country not just blue states. Maria yeah he also said too soon to say whether International Travel will restart this year. That is interesting. Because i cant see, that it does this year that certainly is a big piece of business for the airliners lets take a break weve got another important segment coming up keeping america together one meal at a time amidwest restaurant helping out Frontline Health care workers. That is next. When its hot. Stay cool. When its cold. Stay warm. When youre hungry. Plant a vegetable garden. When theres a lot to do. Do it all. And do it right. With power. With versatile performance matched attachments. Without breaking a sweat. Comfortable. Ready for anything. The new kubota lx series. Bringing america together one meal at a time, a for the wayne indiana restaurant launching deliver with love distributing free meals to essential nom naitdz by members of the community thank you so much for joining us tell us about delivered with love. Yeah, came about you know a tight xhooubt in forfeiture wayne dna care about Family Friends Community Neighbors coworkers customers so from going to, you know, previous routine to isolations really difficult we wanted a simple way to show kindness love let people connect writing stories in to us delivering a great meal. The community is nominating recipients. Yeah so for us about them telling stories who they miss one first nominated a lady of these at school continued to make lunches for kids in the neighborhood so they had something to receipt, 92yearold gentleman wife passed away two weeks before, this home alone couldnt go anywhere great to bring a feel a smile on his face. That is so wonderful i bet it has a real is in resonance on community really resonating with community how has pandemic impacted your business and the community . So in the entertainment business concerts we would do about 100 a year completely stopped immediately for Restaurant Business we had to figure out overnight how to do take out Delivery Service tough, change, luckily worked for a Great Company great person supported all the employees for weeks after that, and we have figured out a way to make it work. Maria terrific thanks for doing what you are doing it is a beautiful story. Thank you we have a Great Community it is a pleasure. Thanks so much more mornings with maria when we come right back. Stay with us. You will be on your knees tomorrow, go back. Usaa has been standing with them for nearly a hundred years. And well be here to serve you for a hundred more. And well be here to serve you for a hundred more. There are times when our need to connect really matters. To keep customers and employees in the know. To keep business moving. Comcast business is prepared for times like these. Powered by the nations largest gigspeed network. To help give you the speed, reliability, and security you need. Tools to manage your business from any device, anywhere. And a team of experts here for you 24 7. Weve always believed in the power of working together. Thats why, when every connection counts. You can count on us. Find a stock basedtech. On your interests or whats trending. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. Maria lets get final thoughts from this allstar panel. Lee carter . Thanks so much. I think one of the things im really focused on right now is Approval Ratings of the president. Everybody has been talking about them so much and how hes not been doing a great job but he has maintained support among republicans and the view on how hes doing is really dependent on where you sit. If you are republican, you are supporting him. He lost independent support so whats going to happen with the economy and the reopening right now is going to be absolutely critical over the next couple months. All eyes are on florida and states that are reopening, seeing whats going to be happening. Maria yeah. Dagen mcdowell . I question the wisdom of Police Officers basically stopping people from surfing in the water in california and breaking up gatherings of people outdoors in new york city, while cars are being broken into on the street. Maria wow. Good point. Dagen, lee, jon, great to see you. Have a great day. That does it for us. Varney Company Begins right now. Stu, take it away. Stuart good morning, maria, and dagen, and good morning everyone. I know its monday morning. Its supposed to be glum but in fact, i am in a great mood. I know the markets going to open lower and i will get to that in a moment but right now, were looking at some positives. For a start, a gallup poll taken in late april shows increasing support for the president and his virus policy. His Approval Rating is up six points in a couple of weeks to 49 . Im not sure what you are seeing but 49 approvalor